"Never, never, never give up."--Winston Churchill, British statesman
"For the week of December 27, 2016 – Vol. 14, Issue 52
>> Market Update
QUOTE OF THE WEEK... "Celebrate what you want to see more of." --Tom Peters, American business author and speaker
INFO THAT HITS US WHERE WE LIVE ... It's a little early for New Year's celebrations, but we can still celebrate something we want to see more of and that's existing home sales. The celebration is for the November report, which had Existing Home Sales handily beating expectations, up 0.7% for the month, to a 5.61 million unit annual rate. This is the third month in a row existing home sales have gained, and they're now at their fastest pace since 2007. Sales are up 15.4% over a year ago, and even though inventories are low and prices edge up, demand remains strong. In November 42% of the properties sold in less that one month.
Another thing to celebrate are New Home Sales, up 5.2% for November, to a 592,000 unit annual rate, 16.5% ahead of a year ago. Inventories went up too, but supply dropped to 5.1 months with the faster sales rate. The median new home price is down 3.7% from a year ago, a sign that builders are seeking a larger market. Overall prices are up 6.2% annually by October's FHFA index of homes financed by conforming mortgages, just 0.2% higher than the year before. Some analysts worry about rising mortgage rates, but others point out that rates remain historically low, and are being offset by growing incomes and expectations of a faster growing economy. ."
From Ron McGowen, our Mortgage Lender
Helpful information below for buyers and sellers.ehope these charts help you get some buyers off the fence!
Click Here for the 30 Year FHLMC Rates On 30-Year Fixed-Rate Mortgage Chart
Click Here for the 200 Year Historical Rates On 30-Year Fixed-Rate Mortgage Chart
Click Here for the Housing Prices Chart
Click Here for the Rent vs. Buy Index Chart
Click Here for S&P/Case-Shiller (20 City) Home Price Indices Chart